Zohar Ch. 11 Lines Up Sale Of Tilton-Tied Snelling Staffing
By Jeff Montgomery (February 17, 2021, 4:08 PM EST) -- Another business in Lynn Tilton's distressed debt Patriarch Partners fleet was positioned for a Delaware Bankruptcy Court-supervised sale on Wednesday, with disclosure of a tentative agreement to sell Snelling Staffing LLC and four affiliates to an interest of HireQuest Inc.
Attorneys for Zohar III Corp. told U.S. Bankruptcy Judge Karen B. Owens that the deal could pay 4%-16% of the $43 million in secured claims Zohar has against Snelling if finally approved — a ratio that roughly matches a $2 million to $7 million recovery cited in a court document filed earlier this month.
Uncounted in those percentages are claims of...
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